B2B Payments Infrastructure Firm TransferMate Valued at $1B

Dublin-based B2B payments infrastructure firm TransferMate has raised $70 million in new funding, valuing the company at $1 billion.

According to a company news release Monday (May 23), the funding will help TransferMate expand its team and invest in its product suite, which includes its global licensing infrastructure and banking network.

“By combining our technology and our global license network, we empower software providers, banks, and FinTechs to deliver payments dramatically faster & cheaper than the traditional SWIFT system,” said Terry Clune, TransferMate’s founder. “We will use this investment to continue to recruit senior financial talent who can help broaden our customer base.”

See also: B2B Payments Infrastructure Provider TransferMate Partners With Haas F1 Team

Those clients, TransferMate says, include some of the world’s largest banks, FinTechs and software platforms. The company’s service lets businesses and individuals make cross-border payments in more than 201 countries and 141 currencies, with complete transparency and with the ease of transferring funds domestically.

Last month, TransferMate launched a partnership with the Haas Formula 1 racing team to provide cross-border payments services. As part of the deal, the TransferMate logo will be featured on the Haas F1 Team’s VF-22 car and the apparel of drivers Kevin Magnussen and Mick Schumacher.

“Efficiency is key to everything we do in Formula 1 and working with TransferMate adds another deliverable to our operations,” said Guenther Steiner, team principal of Haas F1 Team.

Learn more: Booming Business Payments Now Outpace B2C Advances by 2-to-1 Margin

PYMNTS looked at the rise in popularity of B2B payments recently in our conversation with BigCommerce CEO and Chairman Brent Bellm.

The interview came soon after his company’s most recent earnings results, where Bellm reported that B2B would be as much as 40% of platform spend, outpacing B2C.

Looking out to the end of the year and beyond, Bellm said, spending on eCommerce websites by B2C sellers is increasing at 8% for the next five years. But it’s growing at 16% for B2B, throughout the platforms that help modernize and speed transactions, and in a collaborative fashion between buyers and suppliers.

“B2B firms are making up for lost time,” he said. “The industry was slower to adapt but they’re coming on fast.”